Listen to a short summary of this report.     Executive Summary Higher Real Yields Have Weighed On Equity Valuations  I had the pleasure of visiting clients in Saudi Arabia, Bahrain, and Abu Dhabi last week.…

In lieu of next week’s report, I will host a Webcast on Monday, June 27 to explain the recent market turmoil and how to navigate it through the second half of 2022. Please mark the date, and I do hope you can join. Executive…

Special Report

Executive Summary Autocracy Hurts Productivity  Over the next six-to-18 months, the Xi Jinping administration will “let 100 flowers bloom” – i.e., relax a range of government policies to secure China’…

Special Report

Executive Summary Chinese Infrastructure Investment Growth: A Slowdown Ahead  Despite the authorities’ push, China’s infrastructure1  investment nominal growth2 will likely slow from the current rate of 8% to…

Executive Summary Investors face a dilemma. The faster that inflation comes down, the better it will be for valuations via a stronger rally in the bond price. But if a collapse in inflation requires a sharp deceleration in growth, the…

Executive Summary EU Embargoes Russian Oil  The EU imposed an embargo on 90% of Russian oil imports, which will provoke retaliation. Russia will squeeze Europe’s economy ahead of critical negotiations over the coming 6-…

Listen to a short summary of this report.         Executive Summary US Financial Conditions Have Tightened Significantly This Year  US financial conditions have tightened by enough that the Fed no…

Special Report

Executive Summary Indian Voter’s Economic Miseries Are Ascendant  India has a strong strategic geopolitical position but is likely to face turbulence in the short term. This is because India remains expensive, and investors…

Next Thursday May 26, we will hold the BCA Debate – High Inflation: Here To Stay,Or Soon In The Rear-View Mirror? – a Webcast in which I will debate my colleague, Chief Commodity & Energy Strategist, Bob Ryan on the…

Special Report

Executive Summary Favor ASEAN And The Philippines  Southeast Asia is suffering from fading macro and geopolitical tailwinds but there are still investment opportunities on a relative basis. The peace dividend, globalization…